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Bargain prices on the Mediterranean


Ferienhäuser in Spanien warten auf Käufer. Quelle: Pressebild

Holiday homes in Spain are waiting for buyers. Source: press photo

Three long years Vera Stadler has been waiting for this moment. The 52 -year-old looks in Greece for the right spot for your holiday home. Quietly , it should be, a few olive trees and sea views , it should have .

But it will not work : sometimes it is unclear what the uncle uncle of the seller the property is at all times still burdened by a mortgage on land , the next visited the house is not approved yet earthquake-proof. Only when on every street corner signs appear , Stadler is its goal – " to sell property . Now the IT in business administration from Bavaria stands on a hill in Perachora overlooks the Gulf of Corinth and the small villages around. It was a hit and identified 10 000 square meters of their own. Just € 125 000 had to spend them for it – a bargain price, even for Greece.

Many Greeks currently have house and land strike . Financial difficulties and impending tax increases leave them no other choice. For property outside Athens buyers pay adjusted for inflation about eight percent less than last year. " Right now is for the holiday buying property in Greece is the right time , " Christian Seyr drums of GIS , a provider of real estate Greece . Maybe a little too early: Dimitrios Kouros , Chief Executive of the Germans and the Hellenic Community of protection for foreign real estate, expects that " prices drop for holiday homes , depending on the region even further to 20-30 percent. "

People buy almost panicked

Around one million German already own a holiday property abroad, a good 25 percent spend their holidays in the EU countries on the Mediterranean. In recent months, they got out of the vacation paradises crisis headlines to read more than postcards. The Mediterranean countries are heavily indebted . But Greece is around € 300 billion in debt . In the financial markets Portugal , Italy , Greece and Spain to their first letter as PIGS , hogs, branded. They may face , bankruptcy , fighting the governments of savings programs and tax increases and to prevent this European Union and the International Monetary Fund, a 750 -billion -euro rescue have stretched . How long is the holding is unclear.

Owner of Mediterranean homes had been since the outbreak of the financial crisis in 2007 suffered losses . In Portugal and Greece property buyers pay according to official figures , and thus more likely to have glamorized today up to eight percent less than three years ago , in Spain the prices collapsed by 15 percent largely one – only in Italy held their property value.

For fear of euro weakness and the threat of inflation , many investors currently on the lookout for real estate. Who wants Useful combine business with pleasure , looking for vacation homes . " People buy almost panicked , in fear that come to stop the stage ", says Reinhard Patzschke , managing director of the Berlin revalue real estate advice – and cited fatalist : "If the world goes down, at least I can still live in their own house, and again Sea look . "

Greece: Who is building new , saves a lot of money

Around 700 000 German search , according to the Bonn DHPG after consulting a property abroad – for example in the crisis-stricken Mediterranean countries. "There are in Greece , some foreign buyers who want to profit from the decline in prices, " said Tobias Just, head of real estate analysis in Deutsche Bank. The Greeks do not mind , on the contrary. As Vera Stadler is in its Greek branch , to discuss the financing, the banker jumps and falls around her arms. "Thank you invest here, "she says.

Finding the land and make it ready for construction was hard work. The Greek forest office space had to share – as declared forest land , which may include those without trees , can not be built. "A crazed bureaucracy for the bureaucracy in Greece, it is vital to a German partner. " The sale negotiations were "very lively " . The plot was obviously less than stated : " Should I measure it the size? " Stadler said the seller , only then drew the one .

Other pitfalls when buying a property : "Many sites not logged in to save taxes , "said Stadler. Landmarks are often not: " The neighbors say , this olive tree is the one boundary, that the other. " Stadler is now building a 200 -square-foot bungalow , terrace with pool and large . On " Greek solution "that can sometimes surprise you with the purchase of a property , they had no interest. She wanted a proper sewage system – not a hole in the ground.

Even Christian Seyr of GIS advises interested buyers to the new building. There are very few stock offerings that were suitable for foreign buyers : "Hardly a German in the house will only have a six -square-foot bedroom . " In the region of the favorite German who would find in the south, Peloponnese, German only a few dozen of matching offers. The prices there were up to 400 000 € expensive. Who builds could already get from 150 000 € a holiday home.

It might even be cheaper. The Greek market is also after the sharp drop in prices still too expensive, estimated Athanassios Spyrou , which markets the Westphalian Hamm from Greece properties. " Those who do not have to sell is often stubborn and waiting for a good price, " says Spyrou .

Interested parties who want to rent and later should not build too far from the sea. "Tourists do not like small houses , a garden is important , especially the views of the sea , "says Wolfgang ink, rents on the south coast of Crete near the mountain village Myrthios five holiday homes.

" Seven out of ten customers ask for properties with sea views , "said broker Spyrou . He got in the last few months and more requests to Greece real estate than last year , "completely unexpected " . Some customers had sold her house in France or Spain and now were in Greece , where prices are lower.

Spain : Investors expect further price falls

Who has sold the house or apartment early in Spain, has probably prevented something worse : For three years, falling prices, not an end in sight. The Spanish National Statistics Institute Instituto Nacional de Estadística ( INE ) for 2009 but only reported a price decline of nearly seven percent. The Spanish – appreciation society consider that it was recalled, nearly 15 percent minus the previous year is realistic. " I follow my own market research by a real price decline of 30 percent, " Matthias Meindel set by the German real estate company Concept against. The professionals of the property database Idealista expected for 2010 with another 30 to 35 percent minus.

In addition to the owners suffer particularly the banks. End of May , the Spanish savings bank collapsed under the weight Cajasur lazy real estate loans. Europe’s financial markets shuddered , even though the bank is playing with only 13 billion euro credit than in the circle class. The Spanish central bank took over Cajasur ado .

A total of Spanish banks, property developers valued more than € 300 billion owed on real estate. The banks have already taken over 1.5 million residential units to be worth , according to central bank for 85 billion euros. The bankers know that many buildings , only a third of the offer price are worth. Is too great for the offer to the bad quality. The Spanish National Bank has therefore encouraged the financial institutions to cut in fiscal 2010, the book value of their homes by 20 percent.

Complete vorbeigewirtschaftet market

About three million homes, including around 690 000 are newly built empty. For the uncertainty of many owners and corruption scandals have contributed . Sun regional politicians for years ignored the territorial law, must be after the new building more than 100 meters away from the beach built . Legally, they considered forged permits. "Many do not understand German , that the papers they have received a few years ago by the building , suddenly worth nothing and they now threaten destruction or expropriation , "says Tim Wirth , who works as a real estate lawyer in Mallorca. On the island, where many German bought , the prices have largely held , "but that’s changing this year , " expected Meindel of Concept. "It was completely in many places in the market by gewirtschaftet , "he says.

"Great offer, subdued demand , Mallorca is a buyer’s market , " says Dirc Kalweit of Bellevue real estate magazine that appears as the economic week in the Handelsblatt publishing group . Stefan Greim broker of Mallorca Sotheby ‘s Realty buyers , however, observed with restraint, they were waiting for even lower prices: " It is simply sold nothing more , so we can not know where are the prices. "

A price survey of Idealista shows that mass tourism to places such as Torremolinos and Benidorm is still very expensive. In the Canary Islands and in quieter coastal locations such as Estepona require Seller , however , only relatively cheap € 2000 per square meter . "Only when Spanish holiday homes are cheaper again as German , German are again en masse to access the Balearic Islands and the coast. Currently, it is in many places full, loud and expensive, " says Meindel .

Italy, stable market before the turnaround

Big price jumps have not been in the past ten years in Italy. In the first years after the euro adoption in 1999 – than in Spain , the prices shot up in the air – had to homebuyers year drauflegen only a few percent. Because banks to home buyers with the introduction of the euro and declining interest rates for the first time offered loans at low interest rates , put on the demand.

Until the mid- nineties, the interest burden due to high inflation rates seemed hardly bearable. For a real estate bubble is the fact that the Italian households are in debt is low. Their mortgage loans represent only 20 percent of gross domestic product (GDP ) , while in Germany some 45 percent and in Spain even more than 60 percent. A stabilizing effect on the Italian property market also means that , unlike in Spain , not a massive oversupply .

Price reduction compared to the amazing economic problems of Italy – GDP in 2009 fell by five percent, the unemployment rate is heading for nine percent. Since 2005, property owners could not be more pleased with increases in value. Last year, house buyers were paying less than four percent in 2008. This year, analysts expect the experts from the International Association Ric but only with slight declines. Then the low point was reached. Stimulating factors were the fallen since the end of 2009 interest rates for mortgage loans, which attracted more buyers by and by .

Holiday home buyers were bent mainly on the Italian Lakes , Tuscany and the Italian Riviera , reports Peter Schöll Horn , CEO of the German Association of Foreign Property Protection . There, they would have to pay high prices, however . For an apartment , with luxurious facilities on Lake Garda , 4000 due to 5000 € per square meter.

observed Christian Seyr of GIS in German real estate buyers more interested in locations in South Tyrol, that is, north of Lake Garda. Here, both skiers and hikers get their money . For about two years, held back local buyers , prices were falling . Now German looking for cheap holiday homes, reported Seyr .

For them, South Tyrol is easily accessible , such as the cities of Bolzano and Trento. Munich do with the car over the Brenner Pass only three hours – if they are spared from congestion. According to broker association FIAIP buyer will pay in the vicinity of Bolzano for a well-preserved flat € 3000 per square meter, around Trento are 2000 € due. For holiday homes in a special situation , such as with valley or lake view , buyers often ask twice . Interested parties should carefully examine papers and pick up legal aid. Many homes , particularly in rural areas , have been built black. Buyers should also pay attention to whether modifications were approved. Otherwise, the picturesque stone Rustico could later bring trouble with the authorities.

Portugal: the Algarve coast beckons

Significantly further than North Italy is to travel to Portugal. German buy so there is rarely real estate. " Only the Algarve attracts some "reports Schöllhorn from that of the Association of Foreign Property . There prices are always relatively high, price falls in Spain it was not given.

Those interested in the Algarve are often better -heeled – the type of golf rather than the key managers to retirees looking for a winter. Golfers will find , for example, in Vilamoura Vila Sol Golf Resort , a large area of 150 hectares. The Algarve, Faro airport is very close . For a high-quality apartments right on the golf course buyers pay € 4200 per square meter. The view from the terrace is included – depending on personal preference of the sea or the green.

Apart from such luxury offers , property prices in Portugal are only a short time increased sharply in the years 2003 to 2005. As in Italy , the market has stagnated since then. Last year prices fell by around two percent. The national average property buyers are now paying € 1200 per square meter. In the Algarve to spend at least interested in 1500 € . Cheap vacation homes are there on the Silver Coast in the west of Portugal. 2010 prices are likely to still fall slightly .

Asked Portuguese holiday homes are especially British. About 30 percent of holiday properties in the Algarve are in British hands. "Many Brits see holiday homes as an investment , "says Thomas Beyerle , head analyst at the Aberdeen fund company . End of the seventies had bought British in Tuscany , in the mid nineties in Brittany and Normandy , since 2008 , especially in Montenegro and Croatia. British attempted to secure homes for as long as the prices are still down , " Then come the Germans and then buy it from them. "

As much as property buyers may be happy about the crisis prices, so they should have the risks in mind. In Greece expects Tobias Just, head of real estate analysis in Deutsche BankThe future because of the economic crisis with only minor increases in value. Moreover , governments could ask strengthened property owners to pay. " The public sector will be ready in the coming years to take more taxes , "said property owner is Just to fleece particularly easy, since they are tied to the land.

In Greece, the government earlier this year replaced the previous tax on real estate assets ( ETAK ) with a new tax levied more particularly owners of major real estate holdings. " Until now, property owners in Greece are taxed only minimal , "says Aris Kapsalis , a lawyer in the Registry Kosmidis & Partner in Thessaloniki.

Although the holiday property is of an average earner for the time being spared. The government doubled the tax- even in 2010 to 400,000 € . Only if the unit value determined by the tax – which can still be up to 40 percent below market value – more substantial , the owners pay the annual levy. However, the government would adjust the unit value gradually to the market value, reported attorney Kapsalis . More and more owners would have to pay then .

Treasury reaches more intensively to

The annual tax is calculated according to a fixed percentage of the unit , which is higher than the allowance of 400,000 euros. He was previously at 0.1 percent, he is now rising , property values in stages – from 0.1 to 2.0 percent . An example : pay for a property with a unit value of 750,000 € in 1450 € per year ownership . In the old ETAK were married for only 550 € have been due.

Also in Spain reaches the treasury in real estate for future stronger. From 1 July to pay the seller to a possible increase in value 18 instead of 19 percent taxes. The gain of more than 6000 € , they have to pay extra income by 21 percent to the Treasury.

Whoever buys the house from the developer has to pay instead of seven percent now eight percent VAT. Only in the Canary Islands is it five percent. Also increases the amount left over private sales of property transfer tax, similar to the German real estate transfer tax , in most regions from seven to eight percent.